Ripple CEO Accepts XRP ETF Idea; Circle Halts USDC on Tron; Deaton Begins Senate Race
Summary:
Ripple's CEO Brad Garlinghouse shares his acceptance of an XRP-based exchange-traded fund (ETF). Stablecoin issuer Circle is stopping minting new USD Coin (USDC) on the Tron network. Although transfers and redemptions will continue until February 2025, non-Circle USDC holders are advised to move their assets to a supporting platform. Meanwhile, lawyer and cryptocurrency supporter John Deaton has announced his Senate race against Elizabeth Warren, focusing on opposing Washington 'elites', without any explicit mention of digital assets in his campaign launch.
In a recent conversation with Bloomberg, Ripple's CEO Brad Garlinghouse indicated that he would be open to the creation of an exchange-traded fund (ETF) based on XRP. He suggested that ETFs centered around various cryptocurrencies will likely be introduced, diversifying the investment landscape and mitigating potential risks. While Garlinghouse did not comment on current interactions with ETF issuers, he underscored Ripple's supportive stance on such developments. He also discussed the importance of proper crypto stewardship, referring to his organization's recent purchase of Standard Custody & Trust.
In separate news, US-based stablecoin creator, Circle, declared a halt to new issuances of its USD Coin (USDC) on the Tron blockchain. The company will start reducing its dependence on the Tron network, insisting that this decision complements its commitment to maintaining USDC as a reliable, transparent, and secure choice. However, Circle assured that even though the issuance of new USDC coins on Tron has ceased, transfer and redemption services will be available until February 2025.
Though Circle didn't explicitly specify why Tron would no longer be supported, it attributed the move to a comprehensive review involving multiple factors of their organization. Circle also confirmed that business client USDC transfers on different blockchains will continue until February 2025 ends. The company advised retail users and non-Circle customers to move their Tron-based USDC to a supporting exchange.
On a different note, John Deaton, attorney and prominent crypto proponent, has launched his Senate campaign to oppose Elizabeth Warren. Surprisingly, no comment on cryptocurrencies or digital assets was made during his announcement. Deaton presented his campaign as a revolt against Washington 'elites' and criticized Senator Warren for lack of accomplishments in benefit of Massachusetts. He released a video outlining his mission to 'stir things up' on behalf of those in need.
Although Deaton's campaign launch didn't explicitly reference cryptocurrencies, his campaign site clarifies his advocacy in the crypto sector as an attorney. This includes his involvement in the Ripple-SEC lawsuit, where he represented XRP holders with an amicus brief. His opponent, Elizabeth Warren, is a well-known crypto critic who has been serving in the Senate since 2013.
This piece does not offer financial advice or endorse any investments. All trade and investment decisions are risky, and readers are encouraged to research thoroughly prior making decisions. The article is authored by Geraint Price, Sam Bourgi, and Felix Ng.
Published At
2/21/2024 4:10:16 PM
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